Bahrain’s GFH Financial Group acquired a US-based warehousing and distribution logistics centre in Ohio for $100 million, as it continues to expand its industrial real estate assets.

The Ohio warehousing unit, which is fully leased to logistics company FedEx is part of the Bahraini asset manager’s focus on “acquisition of high quality logistics assets in key distribution hubs”, it said in a statement on Saturday.

The company plans to capitalize on strong tailwinds from growing e-commerce penetration rates and sales in markets including the US, the world’s biggest economy. The latest acquisition will add further value to the company’s North American portfolio, it said.

GFH, which has $12 billion of assets and funds under management, in April completed an off-market sale of UK logistics property Accolade Park to Tritax Big Box Reit for $123m through its UK-based subsidiary.

GFH has been investing into “mission critical” logistics assets across Europe, including the supermarket retailer Tesco’s Avonmouth distribution unit in the UK, which it acquired for $102m.

It also picked up the GP Logistics Centre in Spain for $96m, Amazon’s fulfilment centre in the Czech Republic for $165m and Amazon’s three last mile assets in Spain for $100m.

The e-commerce sector has seen an exponential growth worldwide as consumer spending patterns shift amid pandemic-driven restrictions on accessing brick-and-mortar stores.

“The logistics and distribution real estate sector has proven to be one of the most dynamic sectors of commercial real estate,” GFH Capital Saudi Arabia chief executive, Razi Al Merbati, said.